The world is currently facing the largest health crisis since the Spanish Flu epidemic of 1918 and unfortunately, there seems to be no clear end in sight. Countless lives have been disrupted and businesses are likewise suffering as a direct result. While even some of the largest companies have already declared bankruptcy, we need to remember that every cloud has a silver lining. In this case, this lining involves the growing presence of online businesses as a direct result of current circumstances. What are some of the reasons why the virtual community is expected to benefit from the current COVID-19 outbreak and how can traditional enterprises learn to adapt?
Doing Away with "Business as Usual"
Of course, it only stands to reason that specific online industries will fare better than others. Some notable categories include:
- Social media platforms
- Massive online retailers including Amazon and eBay
- The mobile application development sector
The main takeaway point here is that these industries have already developed a strong foothold within the digital community. Furthermore, websites related to gaming and entertainment should perform exceedingly well as countless individuals require distractions from the current social situation.
We are also seeing a new swathe of small start-up businesses come into the equation, and for good reason. It makes little sense to take a venture into the physical business community when we take into account the rather uncertain future that it is now facing. Starting an online business requires comparatively less capital, nearly any product can be marketed and it is now possible to reach a global audience. As an increasing number of consumers turn to the digital community to purchase everyday goods and services, it stands to reason that online businesses will continue to perform well.
How Will Brick-and-Mortar Establishments Cope?
However, what do the trends above signify for average businesses which still rely heavily upon traditional sales and marketing techniques? If anything, they clearly signal that new approaches need to be adopted sooner as opposed to later. The good news is that many businesses can easily create a digital footprint within the online community thanks to the presence of user-friendly e-commerce solutions.
Furthermore, this online presence can be used to address their loyal customers and to keep them up to date during times of hardship such as these. An effective marketing strategy may even be able to create a new client base. These clients can then be tapped into once restrictive measures begin to ease in the future (and they inevitably will).
The bottom line is that the majority of businesses around the world are facing tough times. However, it is always important to remember that the online community is able to offer a wealth of opportunities for those who are keen to leverage the associated resources. This is why it will indeed be interesting to see how the entire business landscape continues to evolve during the coming weeks and months.